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Unemployment :: May 2008

The numbers for May have been released, and they are not exactly great. Nationally, the unemployment rate was at 5.5% in the month of May. In itself, that is bad news, seeing as how the annual average just last year was only 4.6%. However, the more disturbing news is that Michigan’s unemployment rate for May was 8.5%, and Detroit’s was an incredibly high 9.3%. Michigan has not seen numbers this high since 1992.

To be fair, some of the unemployed are people who just began looking for summer jobs. Many of them have not been able to find work yet, so the number of unemployed people simply ballooned. However, that number will only continue to grow tighter for Michigan, because Ford plans to cut 15% of its salary expenses by eliminating many white-collar jobs before the end of the summer. Exactly what needs to be done to revitalize Michigan’s economy after numbers like these are released, I could not say for sure. I would love to hear your ideas in the comments, though.

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4 thoughts on “Unemployment :: May 2008”

I don’t think anyone knows “exactly what needs to be done.” If we did, we’d be running the show. We know the cause: When a state is heavily reliant on a single industry, and allows outside forces (i.e. unions) to have more influence than necessary, the companies will look for greener pastures. We can sit here and complain all day about the leaders of the past limited foresight in not diversifying the economy, but it does no good. Our workers were paid too well for too long, and our generation will pay for the sins of the past.

@ Jim Vote: In one sense, you are right. Nobody knows “exactly what needs to be done” in that no single mind or bureau can successfully control the economy. You are also right to say that in many cases, we can identify some of the contributing causes to the state’s economic struggles. So, when I ask for ideas as to “what exactly needs to be done,” I am asking for ideas as to what the next step should be. How do we, the citizens, defuse the power of the state in the economy? How do we, the citizens, help to defuse the unions? We see part of what is causing the problem, so how are we going to try and fix it?

Perhaps I am still missing your point, but I think that something can be done.

I don’t think I really had a point… I’m frustrated about it. It’s why I’m here. I’ve seen the city/state (Detroit, MI) devastated since I’ve grown up. We’re bleeding young adults at a rapid rate. The jobs that my generation expected to have aren’t here, so they’re looking elsewhere. You can’t visit Chicago without running into a Michigander, and large quantities of the older population has relocated to Texas. I’m looking at it from a smaller scale than the rest. I don’t think the state will give up their role in the economy anytime soon. Unfortunately, I think the only way back to economic health is to tap our Great Lakes. As the largest natural water source, and while the population booms in the West/South, they’re going to come after it eventually. If we utilize the source before an overbearing federal government takes it, we might be able to bounce back. But that brings in a whole property rights/environmental debate that I’ll be honest, I’m not educated enough to argue.